北大金融学课件(英文版)第6章(3课时)-公开课件（设计）.pptVIP

6-* Interwar Instability Suspending gold payments to fund the war As in previous major wars under its gold standard, the British government suspended the convertibility of ￡ to gold in 1914 to fund military operations during WWI. 6-* International Currency Experience Bretton Woods System, 1944-1971 Adjustable pegged exchange rates Fixed exchange rates Temporary financing Change made only under “fundamental disequilibrium” U.S. and U.S. dollar were at the center IMF Eventual dollar crisis 6-* Problems with Bretton Wood System Triffin’s Dilemma If the U.S. ran surplus, the system would lose i